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CRM for Financial Services – Evaluate the Proposal and Specific Functionality for Banking

CRM for Financial Services - Evaluate the Proposal and Specific Functionality for Banking

CRM for Financial Services

Financial Services face increasing competition from different types of service companies: local banks, regional institutions, the Internet and alternative financing entities such as retail chains. For retail and business banking, the right way to compete is to improve the customer experience.

Customers who feel valued and receive quality service are less likely to look for another bank. A CRM (Customer Relationship Management) strategy and appropriate technology to support it will help every financial institution to improve customer retention and maximize opportunities.

Improving the monitoring of the evolution of pre-approved clients that arise as a result of telesales campaigns is one of the results that can be achieved with CRM, as reflected in the case of the financial institution.

Specific Financial Services for Banking

CRM Software for banks and financial institutions has standard features such as contact management, sales automation and marketing, as well as certain industry-specific peculiarities that distinguish it:

Financial Services Workflow Automation

Banking CRM software is designed to:

  1. Accelerate the credit scoring process.
  2. Automate the loan application processing workflow

All forms and fields contain the information with the terminology used in the financial services industry. In addition, there is a need to ensure the uniform application of credit controls to mitigate risk and account monitoring activity.

In fact, an intermediary and financial services entity, aimed at individuals and families, specialized in promoting savings and home financing, automated and controlled the performance and monitoring of some 81 commercial campaigns launched through 540 commercial offices . You can access the CRM Case in a housing finance entity.

Market Data Research and Retrieval Engine

Some CRM systems, especially those designed for non-bank financial services, include industry data to consolidate research data and market information in one place. And also, This includes product information, investment research services , competitor analysis, financial news, and stock quotes. Although, There are banking CRM software packages that are connected to the institutions’ trading systems to have complete information on the profile of the client for whom the transaction is being carried out.

Financial Services Regulatory Compliance

Regulation of the banking sector has always been complex. The Basel rules, the FATF recommendations on fraud and money laundering in addition to other local regulations, make compliance not easy. One of the greatest benefits of a banking CRM software is that it contains all the necessary security elements for the industry and helps to ensure compliance with all regulations, with audit elements for later use if necessary.

Monitoring and Consolidation of Customer Accounts

Most financial institutions store customer information in multiple systems, making it difficult to access an integrated view. A banking CRM program will consolidate all this data in one place, so investments, needs, preferences, payment status, and change in risk can be managed in an up-to-date manner in a single data repository.

A 10,000-employee finance company created a robust and consolidated customer database, extending online product and customer data visibility to business advisors, directors, and deputy directors with pre-approved client evolution tracking. You can access the Case from here.

Relevant Customer Information

Management of employees and their relationship with customers

Management of Customer

Management of branches and their relationship with customers

Financial Services CRM Software Evaluation

All financial institutions have different needs that must be carefully considering before purchasing CRM software for a commercial or retail, regional or national financial institution; community bank or credit union, mutual funds or capital markets

How to Evaluate the Proposal of a Software Provider Company?

Once the decision to invest has been complete, and the company’s processes have been survey and documented, the evaluation and selection stage of the software, the supplier and the implementer begins. The evaluation process can be developed according to 4 axes. In each of them we can give you help with tools available at

Functional Assessment

To get a report on the products that best suit your project, you can enter the CRM Software Evaluator. Use is free and the report is free.

And also, If you need a tool to perform functional comparisons, we recommend you enter acquire the comparison RFP (Request for proposal).

Technical Evaluation

Although, To get a report on the products that best suit your project, you can enter the CRM Software Evaluator. Use is free and the report is free.

Economic Evaluation

Although, We recommend enrolling in the course “The use of the RFP to match suppliers’ proposals”

Supplier Assessment

We recommend downloading the document “How to evaluate a CRM software provider for financial services.”

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